ICICI Pru Guaranteed Income for Tomorrow
We all need to do proper future planning to make our future secure and protected so that we can fulfill our dreams without any hazards. Opting for a protection and savings plan is one of the important measures that we need to take to make our future hassle-free. And when it comes to savings plans, ICICI Pru Life Insurance Company is worth mentioning as it has come up with multiple Savings plans that cater to your needs. One of those is ICICI Pru Guaranteed Income for Tomorrow (UIN – 105N182V06) which is a protection and savings-oriented life insurance plan with guaranteed benefits to help you achieve your life goals. Guaranteed benefits can be availed in the form of a lump sum or regular income to help you save for your goals. Not only that, but you can also receive guaranteed income from 2nd year onwards. To know more about this plan, have a look at the following mentions.
|Plan option||Premium payment term||Policy term||Minimum age at entry||Maximum age at entry||Minimum/maximum age at maturity|
|Lump sum||5 years||10, 12 years||18 minus policy term||60 years||Minimum – 18 years Maximum – 80 years|
|6 years||12 years|
|7 years||12, 15 years|
|8 years||15, 16 years|
|10 years||15, 20 years|
|12 years||20 years|
|One-time (Single pay)||5, 10, and 15 years||For Sum Assured on Death: 10X: 45 1.25X: 60||18/ For Sum Assured on Death: 10X: 60 1.25X: 75|
|Income||5years||6 years||60 years||Minimum – 18 years Maximum – 73 years|
|6 years||7 years|
|7 years||8 years|
|8 years||9 years|
|10 years||11 years|
|12 years||13 years|
|Early Income||6 years||7 years|
|7 years||8 years|
|8 years||9 years|
|10 years||11 years|
|12 years||13 years|
|Single pay||One time||10 years||For Sum Assured on Death: 10X: 45 1.25X: 60||18/ For Sum Assured on Death: 10X: 55 1.25X: 70|
Benefits of ICICI Pru Guaranteed Income for Tomorrow
This policy has come up with a sack full of benefits and facilities that ensure that you can build a financial corpus for your future needs to keep your future protected and secure. The following details give you a descriptive idea about this policy. Have a look.
- Lump Sum – Under this plan option, you have to pay premiums for a certain period of time, and at the end of the policy term, you will receive a guaranteed lump sum. Here, you have the flexibility to choose the premium payment term and the policy term, the number of years after which you want to receive the guaranteed lump sum.
- Income – Under this plan option, you have to pay premiums for a certain period of time. At the end of the policy term, you will receive a Guaranteed Income for a certain period, unlike a guaranteed lump sum in Option 1.
- Early Income – Under this option too, you get the policy benefit in the form of a regular income like in Option 2. However, the key difference is that under this option, you will receive regular income starting as early as the 2nd year of the policy. The income that you receive from 2nd year during your policy term is referred to as ‘Guaranteed Early Income’. The income that you receive from the end of the policy term is referred to as ‘Guaranteed Income’.
- Single Pay Income – Under this plan option, you will pay a premium only once and receive guaranteed regular income (known as the Guaranteed Early Income) for a fixed period starting from the end of the 2nd year till the end of the 10th year.
- Lump Sum – Once you pay all your premiums, at the end of your policy term, you will receive a guaranteed lump sum which is known as the Sum Assured on Maturity.
- Income – Once you pay all your premiums, depending on the premium payment term and the Income Period selected by you, you will receive a Guaranteed Income.
- Early Income – Once you pay all your premiums, you will receive a Guaranteed Income for a fixed period at the end of the policy term.
- Lump Sum – If the person whose life is covered by this policy passes away during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified in the policy
- For Single Policy: Life Insurance Benefit is higher of sum assured on death (Sum Assured on Death is 10 X Single Premium or 1.25 X Single Premium as chosen by you), or Sum Assured on Maturity X Death Benefit factor for Lump sum plan.
- For other than single pay: Life insurance benefit is the highest of Sum Assured on Death (Sum Assured on Death is 10 X Annualised Premium), 105% of Total Premiums Paid up to the date of death, or Sum Assured on Maturity X Death Benefit factor for Lump sum plan.
- Income – If the person whose life is covered by this policy passes away during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified in the policy. Life insurance benefit is the highest Sum Assured on Death (Sum Assured on Death is 10 X Annualised Premium), 105% of Total Premiums Paid up to the date of death, or Annual Guaranteed Income X Death Benefit factor for Income Plan.
In case of the Life Assured death during the Income Period, the Claimant will continue to receive the income. The Claimant will have the option to receive the future income as a lump sum, which will be the present value of the future income discounted at a rate of 9% per annum.
- Early Income – Same as the Income Plan option.
- Single Pay Income – If the person whose life is covered by this policy passes away, during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified in the policy. Life Insurance Benefit is Sum Assured on Death where Sum Assured on Death is 10 X Single Premium or 1.25 X Single Premium as chosen by you.
- Early Income – Guaranteed Early Income is a fixed percentage of the premium you pay in a year and is based on the number of years for which you choose to pay your premiums as given in the table below:
|You pay premiums for||You get guaranteed early income equal to|
|6 years||15% of the annual premium|
|7 years||20% of the annual premium|
|8 years||20% of the annual premium|
|10 years||25% of the annual premium|
|12 years||25% of the annual premium|
- Single Pay Income – This option offers regular income every year starting from the end of 2nd year.
Key Features of ICICI Pru Guaranteed Income for Tomorrow
Apart from the above benefits and facilities, this plan has presented a bunch of special advantages and features that have made the policy unique and popular among consumers. Keep an eye on the following details to understand these special features.
If you stop paying premiums after you have completed payment of premiums for two full years, the policy can continue with reduced benefits. All reduced benefits will be calculated by multiplying the original benefits by the extent of the proportion of premiums paid (number of premiums paid/number of premiums payable).
You can restore your policy benefits to their full value within five years from the due date of the first unpaid premium by paying all due premiums with interest before the policy’s termination date. Any change in revival conditions will be subject to prior approval from IRDAI and will be disclosed to policyholders. Once you start paying premiums again, the reduced benefits will be restored to their full value.
At any stage after payment of two full years’ premium, if you are not able to continue your policy, a surrender value will be payable. For Single Pay policies, the surrender value will be acquired immediately on a single premium payment. On policy surrender, you will get a higher of Guaranteed Surrender Value (GSV), or Special Surrender Value (SSV).
Policy Loan Facility:
With this policy, you can take a policy loan after your policy acquires a surrender value. The loan amounts to up to 80% of the surrender value can be availed of.
On cancellation of the policy during the free look period, we will return the premium subject to the deduction of:
- Stamp duty under the policy
- Expenses are borne by the company on medical examination, if any.
- The proportionate risk premium for the period of cover.
Tax Exemption Benefits:
Tax benefits may be available as per prevailing tax laws. Tax benefits under the policy are subject to conditions under provisions of the Income Tax Act of 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates.
General Exclusions of ICICI Pru Guaranteed Income for Tomorrow
Understanding a policy is not completed if you do not go through the exclusions of the policy thoroughly. Therefore, to offer you a better idea of the policy, and to avoid future complications, here are the general exclusions of the ICICI Pru Guaranteed Income for Tomorrow policy.
- Anything that does not follow the terms and conditions of the policy as well as of the company will fall under the category of exclusions.
- If there is any kind of breach of law with criminal intent, that will be permanently excluded.
- In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the Claimant will be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force. The Policy will terminate on making such a payment, and all rights, benefits, and interests under the Policy will stand extinguished.
How Does ICICI Pru Guaranteed Income for Tomorrow Work?
Mr. Rishi, a 36-year-old Kolkata-based businessman, bought ICICI Pru Guaranteed Income for Tomorrow policy for himself. Let us find out what benefits he will receive from the given data.
|Plan variant chosen||Income|
|Plan for||10 years|
|Investment||Rs. 20000 per month|
|Get income for||10 years|
|Guaranteed tax-free income||Rs. 4.62 lakhs yearly|
|Life cover||Rs. 24 lakhs|
|Total income||Rs. 46.21 lakhs|
Frequently Asked Questions
If the policy has been taken on the life of a minor, on attaining the age of majority, that is 18 years, the policy will vest on him/her. Thereafter, the Life Assured will become the policyholder who will be entitled to all the benefits and subject to all liabilities per the policy’s terms and conditions.
Follow the below mentions:
- For Lump sum plan option Single Pay: Rs. 50,000
- Other than Single Pay: Rs. 6,000 per annum
- For Income and Early Income plan option: Rs. 30,000 per annum
- For the Single Pay Income plan option: Rs. 1,00,000
Maximum premium – No upper limit
The premium payment frequencies under this plan are – Yearly, half-yearly, monthly, and single pay.
No benefits will be payable if you stop paying premiums in the first two years.
If you are not satisfied with the terms and conditions of the policy, you can return the policy document to the Company with reasons for cancellation within
- 15 days from the date you received it if your policy is not purchased through Distance marketing
- 30 days from the date you received it, in case of electronic policies or if your policy is purchased through Distance marketing.
The grace period is not applicable for Single Pay policies. If the policyholder is unable to pay an installment premium by the due date, a grace period of 15 days will be given for payment of the due installment premium for monthly frequency, and 30 days will be given for payment of the due installment premium for any other frequency. The life cover continues during the grace period. In case of Death of Life Assured during the grace period, the Company will pay the Life Insurance Benefit per the Policy’s terms and conditions.